Institutional Equities

IFB Industries
8 February 2018
Reuters: IFBI.BO; Bloomberg: IFBI IN
Healthy Revenues, Strong Gross Margin; Retain Buy BUY
IFB Industries (IFB) posted a healthy 17% YoY rise in net revenues to Rs5.3bn in Sector: White Goods
3QFY18. The growth in home appliance segment was restricted to 14% YoY, on a like-
to-like basis, at Rs4.4bn (82% of total sales) as washing machine sales worth CMP: Rs1,303
Rs400mn-Rs500mn were deferred on account of short supply of micro controllers
from Panasonic, Japan. Fine blanking segment posted revenues of Rs959mn (18% of Target Price: Rs1,900
total revenues), up 32% YoY on a like-to-like basis. Gross margin expanded 430bps
Upside: 46%
YoY to 46.4% owing to a better product mix, raw material indigenisation and
favourable forex movement (100bps-125bps gain). EBITDA grew 17% YoY to Chirag Muchhala
Rs366mn, leading to 80bps YoY expansion in operating margin to 7.6% on a Research Analyst
3QFY18 Result Update

comparable basis. PAT grew 14% YoY to Rs186mn, despite a higher tax rate of 29.9% [email protected]
versus 25.7% YoY. We have retained our positive outlook and Buy rating on IFB +91-22-6273 8092
driven by the benefits of economies of scale that it is likely to attain over the next two
years. We have assigned a SOTP-based target price of Rs1,900 to IFB, valuing its
home appliance segment at 36x FY20E earnings (Rs1,810) and fine blanking segment Key Data
at 15x FY20E earnings (Rs90). Current Shares O/S (mn) 40.5
Following are the key takeaways from the conference-call: Mkt Cap (Rsbn/US$mn) 53.1/827.8
 IFB sold 106,282 units of front-load washing machines (50.7% of home appliance sales) 52 Wk H / L (Rs) 1,547/535
in 3QFY18, up 9% YoY in volume terms. Daily Vol. (3M NSE Avg.) 53,175
 IFB sold 54,177 units of top-load washing machines (17% of home appliance sales), in
3QFY18, up 11% YoY in volume terms. Price Performance (%)

 Front load and top load washing machine sales were affected during 3QFY18 because 1M 6M 1 Yr
of global shortage of micro controllers from Panasonic, Japan. This issue has been IFB Industries (8.5) 95.3 119.5
resolved in December 2017, but IFB couldn’t supply to the market to the full extent in
3QFY18 leading to Rs400mn to Rs500mn loss in revenues. Nifty Index (0.8) 4.2 19.5
Source: Bloomberg
 IFB sold 7,917 units of air-conditioners (ACs), 4.4% of home appliance sales, in
3QFY18, up 60% YoY. IFB’s market share in ACs is low, but it intends to scale it up and
is prepared for energy label change in CY18 with a wide portfolio of inverter ACs (which
currently account for 12% of its total AC sales).
 Growth in microwave ovens (12.3% of home appliance sales in 3QFY18) was flat at 3%
YoY (in volume terms) owing to subdued industry growth. IFB has a dominant market
share in this category and is among the top three players.
 Currently, import content in front-load washing machine stands at 27%-28% which IFB
aims to reduce to 12%-13%, primarily via domestic sourcing of electronic components.
Import substitution will conclude by 4QFY18 and will aid overall profitability.
Y/E March (Rsmn) 3QFY17 2QFY18 3QFY18 YoY (%) QoQ (%) 9MFY17 9MFY18 YoY (%)
Net sales 4,544 6,020 5,317 17.0 (11.7) 13,115 16,254 23.9
Raw material costs 2,633 3,514 2,851 8.3 (18.9) 7,570 9,236 22.0
Employee costs 400 530 550 37.7 3.9 1,178 1,596 35.5
Other expenses 1,198 1,362 1,550 29.4 13.8 3,450 4,234 22.7
Total expenditure 4,231 5,406 4,952 17.0 (8.4) 12,197 15,066 23.5
EBITDA 314 613 366 16.7 (40.3) 917 1,188 29.5
EBITDA margin (%) 6.9 10.2 6.9 - - 7.0 7.3 -
Interest costs 12 11 11 (10.9) (3.6) 33 33 1.2
Depreciation 108 129 132 22.1 2.3 322 385 19.5
Other income 26 33 42 62.4 25.4 88 110 24.9
PBT 220 507 266 20.9 (47.6) 650 880 35.3
Tax 57 141 79 40.4 (43.8) 139 254 82.3
PAT 163 366 186 14.2 (49.1) 511 626 22.5
PAT margin (%) 3.6 6.1 3.5 - - 3.9 3.9 -
EPS (Rs) 4.0 8.9 4.5 14.2 (49.1) 12.4 15.2 22.5
Source: Company, Nirmal Bang Institutional Equities Research
 Institutional Equities
Exhibit 1: Financials
Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E
Net sales 15,009 17,407 22,523 27,075 32,929
EBITDA 694 974 1,961 2,768 3,503
PAT 314 510 1,131 1,733 2,307
EPS (Rs) 7.6 12.3 27.4 42.0 55.9
EPS growth YoY (%) (36.9) 62.5 121.9 53.2 33.1
EBITDA margin (%) 4.6 5.6 8.7 10.2 10.6
P/E (x) 171.5 105.5 47.5 31.0 23.3
P/BV (x) 12.9 11.5 9.3 7.1 5.5
EV/EBITDA (x) 77.0 55.0 27.2 18.9 14.4
RoCE (%) 5.3 11.0 25.6 31.4 32.5
RoE (%) 7.8 11.5 21.6 26.0 26.5
Source: Company, Nirmal Bang Institutional Equities Research

 Front-load washing machine: It is the largest product category of IFB (50.7% of home appliance
revenues in 3QFY18) where it enjoys a strong market share of 42%-44%. IFB has capacity for 4,50,000
units per year which will get further enhanced to 700,000 units in the next few months. It sold 106,282 units
in 3QFY18, registering a volume growth of 9%. IFB will be launching new product variants in 4QFY18 with
focus on features such as IoT capabilities, water and energy efficiency, user convenience and interface
designs. On the export front, IFB supplied 13,500 units to Panasonic in FY17 and plans to look at other
similar opportunities. It is currently in talks with yet another large global brand for supplying front-loading
washing machines.
 Top-load washing machine: This category of IFB has fully automatic top-load washing machines in the
6.5kg to 9.5kg range. It accounted for 17% of home appliance revenues in 3QFY18. IFB sold 54,177 top-
load washing machines in 3QFY18, registering a healthy volume growth of 11%. IFB has enhanced its
annual manufacturing capacity to 3,50,000 units from 2,40,000 units earlier to meet rising demand. It plans
to produce ~30,000 units per month from 1QFY19. The 6kg variant of top-load washing machine is under
development and is currently in the field testing phase.
 Air-conditioner: This division (4.4% of home appliance revenues in 3QFY18) grew 44% YoY in value
terms and 60% YoY in volume terms. IFB sold 7,917 units in 3QFY18, which is a non-seasonal quarter for
AC sales. Currently, IFB has low market share in ACs which it wants to improve by leveraging on its large
distribution network. IFB is prepared with a new range of ACs for the energy label change, which became
effective from 1 January 2018. Currently, inverter ACs form 10% to 12% of IFB’s AC sales which is
expected to rise to 20%-25% along with a similar scale-up likely in the industry. IFB is currently expanding
its distribution network which is expected to be completed in 4QFY18. IFB outsources the manufacturing of
ACs to TCL, a Chinese manufacturer.
 Other product categories: Microwave ovens contributed 12.3% to home appliance revenues in 3QFY18.
IFB has a market share of ~20% in microwave ovens and is among the top three players in India. IFB sold
69,700 units of microwave ovens in 3QFY18, registering a volume growth of 3%. Key drivers of growth in
microwave ovens were wider acceptance of new products launched (oil-free cooking offerings) and
improved distribution reach. In the dish-washer category (2.6% of home appliance revenues in 3QFY18),
IFB posted 61% YoY sales growth in 3QFY18.
 Distribution network: IFB has significantly expanded its distribution network over the past one year and
currently has retail presence through over 10,000 outlets. Out of these channel partners, around 2,100
contribute significantly via high monthly sales. IFB wants to scale up these active channel partners to
4,000-4,500 in the near term.
 Currently, IFB has 422 IFB exclusive stores (IFB Points), of which 131 are company-owned and company-
operated (CoCo) while the others are franchisees. An additional 35 stores are under construction as of
3QFY18-end. IFB expects to have 475 to 500 IFB Points over the next three months. IFB Points
contributed 13% to home appliance sales in volume terms. The initial set-up costs for IFB Points on a
franchisee model is Rs0.2mn per store. Under the CoCo model, IFB incurs initial set-up cost of Rs0.7mn-
Rs1mn towards store branding and an additional Rs0.5mn to Rs0.6mn towards in-store inventory.

2 IFB Industries
 Institutional Equities
 In terms of revenue mix of home appliance segment in 9MFY18, multi-brand stores contributed 54% to
sales volume, IFB Points contributed 13%, IFB website and other e-commerce sites contributed 19%,
defence canteen and direct institutional purchases accounted for 1%, dealers (mainly for ACs) contributed
1% and distributors accounted for 12%.
 IFB plans to launch refrigerators in 3QFY19. Field trials are currently taking place and are expected to
conclude by 1QFY19. It plans to first foray into the 400litre and above category which currently accounts
for 10% to 15% of total refrigerator category.
 Other expenses were up 29% YoY at Rs1.6bn because of higher sales and promotion expenses and set-
up cost in respect of IFB Points.
 The management reiterated that Rs6bn quarterly revenues in home appliance segment will lead to double-
digit EBITDA margin because of operating leverage benefit.
 Fine blanking segment’s EBIT rose 94% YoY to Rs106mn in 3QFY18, translating to a healthy 440bps rise
in EBIT margin to 11%. The segment mainly caters to automobile sector, of which two-wheeler division
contributed 54% to total sales while the four-wheeler division contributed 38% to total sales. Heavy
vehicles, electricals and other divisions contributed the remaining 8% to sales. IFB wants to increase its
presence in non-automobile sectors like electrical, railway, defence and cycle industry.
 Acquisition of TAAL (Thailand plant) was a strategic decision as countries like Thailand, Indonesia and
Vietnam are a good base for OEMs. IFB aims to capture South-East Asia market through this facility as
supplies to most of these countries from Thailand attract zero duty.
 IFB is in the process of turning around Trishan which it acquired recently. Revenues during 3QFY18 were
Rs179mn. The plant had some line balancing problems which led to inefficient capacity utilisation. The
plant is expected to stabilise over the next two quarters.

Exhibit 2: Segment-wise snapshot

(Rsmn) 3QFY17 2QFY17 3QFY18 YoY (%) QoQ (%) 9MFY17 9MFY18 YoY (%)
Revenues
Home appliance 4,154 5,113 4,358 4.9 (14.8) 11,823 13,849 17.1
Engineering 823 915 959 16.5 4.8 2,509 2,806 11.9
Revenue mix (%)
Home appliance 83.5 84.8 82.0 - - 82.5 83.2 -
Engineering 16.5 15.2 18.0 - - 17.5 16.8 -
EBIT (Rsmn)
Home appliance 212 463 207 (2.0) (55.2) 622 747 20.1
Engineering 55 97 106 94.0 9.3 166 275 65.8
EBIT margin (%)
Home appliance 5.1 9.1 4.8 - - 5.3 5.4 -
Engineering 6.6 10.6 11.0 - - 6.6 9.8 -
Source: Company, Nirmal Bang Institutional Equities Research

3 IFB Industries
 Institutional Equities
Exhibit 3: Product-wise revenue break-up of home appliance division
(Products) 3QFY17 2QFY18 3QFY18 YoY (%) QoQ (%) 9MFY17 9MFY18 YoY (%)
Revenue break-up (%)
Front-load washing machine 52.5 52.3 50.7 - - 49.2 48.6 -
Top- load washing machine 17.9 17.5 17.0 - - 17.2 16.7 -
Microwave oven 13.8 15.1 12.3 - - 11.6 12.4 -
ACs 3.2 2.5 4.4 - - 9.0 8.7 -
Dish-washer 1.7 2.0 2.6 - - 1.6 2.3 -
Clothes dryer 0.7 0.9 0.8 - - 0.9 0.8 -
IDW/ILE/EA/MK 2.0 1.1 1.5 - - 2.3 1.4 -
Others 8.2 8.6 10.7 - - 8.2 9.1 -
Total 100 100 100 - - 100 100 -
Net revenues (Rsmn)
Front-load washing machine 2,181 2,674 2,210 1.3 (17.4) 5,656 6,736 19.1
Top-load washing machine 744 895 741 (0.4) (17.2) 1,984 2,310 16.4
Microwave oven 573 772 536 (6.5) (30.6) 1,335 1,724 29.1
ACs 133 128 192 44.3 50.0 1,035 1,200 15.9
Dish-washer 71 102 113 60.5 10.8 184 316 71.4
Clothes dryer 29 46 35 19.9 (24.2) 106 116 9.3
IDW/ILE/EA/MK 83 56 65 (21.3) 16.2 259 192 (26.1)
Others 341 440 466 36.9 6.1 944 1,256 33.1
Total 4,154 5,113 4,358 4.9 (14.8) 11,504 13,849 20.4
Source: Company, Nirmal Bang Institutional Equities Research

Exhibit 4: Our estimates versus actual performance

3QFY18 (Rsmn) Actual Our estimate Deviation (%)
Revenues 5,317 5,850 (9.1)
EBITDA 366 578 (36.7)
PAT 186 350 (46.7)
Source: Company, Nirmal Bang Institutional Equities Research

Exhibit 5: P/E charts

(Rs) (x)
1700 100
1500 90
80
1300
70
1100 60
900 50

700 40
30 (3 year average PE = 36.6x)
500
20
300 10
100 0
Sep-15

Sep-16

Sep-17
Jan-15

Jan-16

Jan-17

Jan-18
May-15

May-16

May-17
Sep-15

Sep-16

Sep-17
Jan-15

Jan-16

Jan-17

Jan-18
May-15

May-16

May-17

20x 25x 30x 35x 40x stock price P/E 3 year average P/E SD +1 SD +2 SD -1

Source: Nirmal Bang Institutional Equities Research

4 IFB Industries
 Institutional Equities
Financials
it 1: Exhibit 6: Income statement Exhibit 3: Exhibit 7: Cash flow
Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E
Net sales 15,009 17,407 22,523 27,075 32,929 EBIT 241 538 1,468 2,243 2,960
% growth 19.0 16.0 29.4 20.2 21.6 (Inc.)/dec. in working capital (255) 56 (341) (311) (409)
Raw material costs 8,607 10,054 13,176 15,920 19,461 Cash flow from operations (14) 593 1,127 1,931 2,551
Staff costs 1,556 1,659 2,140 2,437 2,865 Other income 133 112 140 168 219
Other overheads 4,152 4,720 5,246 5,950 7,100 Depreciation 454 436 493 526 544
Total expenditure 14,315 16,433 20,562 24,306 29,426 Tax paid (-) (39) (78) (439) (650) (852)
EBITDA 694 974 1,961 2,768 3,503 Net cash from operations 534 1,064 1,322 1,975 2,462
% growth (19.8) 40.3 101.4 41.2 26.5 Capital expenditure (-) (563) (702) (1,000) (900) (800)
EBITDA margin (%) 4.6 5.6 8.7 10.2 10.6 Net cash after capex (28) 362 322 1,075 1,662
Other income 133 112 140 168 219 Interest paid (-) (22) (32) (39) (27) (20)
Interest costs 22 32 39 27 20 Inc./(dec.) in total borrowings (181) 58 (15) (50) (50)
Depreciation 454 436 493 526 544 Inc./(dec.) in investments 348 (442) (44) - -
Profit before tax 352 618 1,570 2,383 3,159 Cash from financial activities 145 (416) (98) (77) (70)
Tax 38 108 439 650 852 Others (81) 36 - - -
PAT 314 510 1,131 1,733 2,307 Opening cash balance 445 482 464 688 1,686
PAT margin (%) 2.1 2.9 5.0 6.4 7.0 Closing cash balance 482 464 688 1,686 3,278
EPS (Rs) 7.6 12.3 27.4 42.0 55.9 Change in cash balance 37 (18) 225 998 1,592
% growth (36.9) 62.5 121.9 53.2 33.1 Source: Company, Nirmal Bang Institutional Equities Research
Source: Company, Nirmal Bang Institutional Equities Research
Exhibit 4: Exhibit 9: Key ratios
it 2: Exhibit 8: Balance sheet Y/E March FY16 FY17 FY18E FY19E FY20E
Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E Per share (Rs)
Share capital 413 413 413 413 413 EPS 7.6 12.3 27.4 42.0 55.9
Reserves 3,771 4,263 5,394 7,127 9,434 Book value 101.3 113.3 140.7 182.7 238.5
Net worth 4,183 4,676 5,807 7,540 9,847 Valuation (x)
Total borrowings 164 222 208 158 108 P/E 171.5 105.5 47.5 31.0 23.3
Deferred tax liability 258 288 288 288 288 P/BV 12.9 11.5 9.3 7.1 5.5
Total liabilities 4,605 5,186 6,303 7,986 10,243 EV/EBITDA 77.0 55.0 27.2 18.9 14.4
Gross block 5,541 6,084 7,064 7,964 8,764 EV/sales 3.6 3.1 2.4 1.9 1.5
Depreciation 2,802 3,034 3,527 4,053 4,597 Return ratios (%)
Net block 2,739 3,050 3,537 3,911 4,167 RoCE 5.3 11.0 25.6 31.4 32.5
Capital work-in-progress 126 80 100 100 100 RoE 7.8 11.5 21.6 26.0 26.5
Investments 169 611 655 655 655 RoIC 6.4 13.3 32.4 42.3 49.5
Inventories 2,144 2,349 2,996 3,598 4,372 Profitability ratios (%)
Debtors 1,155 1,382 1,913 2,337 2,887 EBITDA margin 4.6 5.6 8.7 10.2 10.6
Cash 482 464 688 1,686 3,278 EBIT margin 1.6 3.1 6.5 8.3 9.0
Other current assets 989 1,108 1,441 1,733 2,107 PAT margin 2.1 2.9 5.0 6.4 7.0
Total current assets 4,769 5,303 7,039 9,354 12,644 Turnover ratios
Creditors 2,267 2,631 3,465 4,144 5,012 Total asset turnover ratio (x) 3.3 3.4 3.6 3.4 3.2
Other current liabilities & provisions 1,042 1,285 1,622 1,949 2,371 Fixed asset turnover ratio (x) 2.7 2.9 3.2 3.4 3.8
Total current liabilities 3,309 3,916 5,087 6,093 7,383 Debtor days 28 29 31 32 32
Net current assets 1,460 1,387 1,952 3,261 5,262 Inventory days 91 85 83 83 82
Total assets 4,605 5,186 6,303 7,986 10,243 Creditor days 96 96 96 95 94
Source: Company, Nirmal Bang Institutional Equities Research Source: Company, Nirmal Bang Institutional Equities Research

5 IFB Industries
 Institutional Equities
Rating track
Date Rating Market price Target price (Rs)
24 January 2018 Buy 1,400 1,900
8 February 2018 Buy 1,303 1,900

Rating track graph

1600
1500
1400
1300
1200
1100
1000
900
800
700
600
500
400
May-17
Apr-17

Oct-17
Aug-17

Sep-17
Aug-17

Dec-17
Nov-17
Jun-17

Jan-18
Jul-17

Not Covered Covered

6 IFB Industries
 Institutional Equities
DISCLOSURES

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7 IFB Industries
 Institutional Equities
Disclaimer
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8 IFB Industries